How Financial Advice can help your family business grow & succeed

How Financial Advice can help your family business grow & succeed

Business Tips, Ideas & Support Articles.

Financial Advice will help your family business grow

 

Many of Australia’s most successful small to medium-sized businesses are family-owned and run. In fact, family businesses represent 67 percent of all Australian businesses.

Most family business owners share similar goals and ambitions – to grow, expand and make the business a long-term success so they can potentially pass it onto the next generation of their family.

Research from NAB shows that about a quarter of businesses don’t believe they have adequate levels of financial literacy to run their business. This is why many business owners look to their accountant for help regarding business planning, budgeting, forecasting and business analytics

Here are some of the key factors to consider to help your family business grow and succeed:

Start financial planning for the long-term

Creating a thriving family business is hard work and involves careful financial planning. After all, there are many challenges that a business can face over the course of its lifespan. It’s important to engage a trusted financial advisor to help with financial planning and to implement a financial strategy, not just for the short-term, but for years to come. This will involve cashflow management, bookkeeping solutions and looking to the future to ensure that the family business can remain profitable and withstand unexpected factors such as economic downturns (as we’ve seen during the COVID-19 pandemic) and unforeseen changes within the industry in which the business operates in.

Develop your succession plan

The transfer or succession of a family business is a unique process and needs strategic planning long before it occurs. The truth is, succession planning can be complex and difficult with a range of financial, tax, legal, equity and emotional issues. There may be conflicts about assets and management, or there may not be a mutually shared vision for the company. Outlining the finer details (such as exit strategies and ownership of the business) and including key stakeholders and all leadership parties in the planning process is necessary to help facilitate a smooth and unified transition for the future.

How we help family businesses

Being a family business ourselves, we understand the unique needs of family businesses and adapt our financial advice to align with our clients’ goals. At Inline Partners, we work with our clients to help them navigate the rollercoaster of business growth to ensure they have the information, systems and advice to make the right decisions as they build the family business.

We have more than 25 years’ experience working closely with many family owned and operated businesses. Our professional advice, business solutions and ideas are tailored to your needs – and built on a relationship of trust and mutual understanding.

“We have been working with Inline Partners for 17 years now – they have been with us right from the beginning, advising us how to grow the business and take it to the next level,” says Lily Jankulovski, Managing Director of Marco Polo Foods, one of Australia’s most successful food importers.

“It is a very strong relationship – they are not just our accountants, they are our trusted advisors,” she adds. “Inline Partners have been a big part of our business and personal success.”

Do you need help with your family business? Contact us today.

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